For me, I've owned a Jaguar for something like 2 years and probably played at least 200 "gigs" with it over that time. By gig I mean something live in front of people. It was my break-out bass. I played bass for 3-4 years before it but this one brought me to new heights.
So, addressing some of the negatives of posters and what I believe to be positives:
1). It doesn't need to be modded to play with. I think I saw that somewhere. Although, I wish my low E was more defined but a set-up every once in a while clears alot of it up. I've been meaning to replace the nut and bridge though because I feel like they are the weaknesses. And at $500 on mf right now, it is BY FAR the best deal available, period. Put $250 in mods on it and you're in insane tonal territory and still have put out less than a Geddy.
2). The Active/Passive switches are amazing. Granted, you'll have to deal with single-coil buzzing...but you can suck it up if you have a surge protector and a good amp. I just recently acquired an Ampeg B-25 and the polarity switch on that kills the buzz almost all the way. Not to mention you can pay a little to clean it up altogether.
3). The pickups DO NOT sound tinny. Period. I'll use both rounds and flats on mine and love the tone of each.
4.) Many sick nasty colors to choose from. The Geddys are disappointing to me because I think black is the dullest color you can get, IMHO. Plus, white pearl block binding is sexier anyways. Red, Olympic White, Black, Sunburst...I want them all! (even the black....even though its black its a Jag)
5.) The neck is super thin so if you have small hands (like me) it makes your life so simple and beautiful.
Both basses are awesome deals but right now I'd say the best deal is the Jag at the price and the style it gives you. I just picked up a '77 Rick and a '74 Precision but I highly doubt either will ever get a chance to replace my Jag.
ps - one more thing that is great about the Jag: when you play live, you don't have to turn down your volume in between songs. You just hit the three pickup switches and it cuts the volume! Such a useful tool. Nothing compares.